CNX Resources (NYSE:CNX) Price Target Raised to $26.00

CNX Resources (NYSE:CNX) had its price objective increased by Piper Sandler from $25.00 to $26.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has an underweight rating on the oil and gas producer’s stock.

Several other research analysts have also issued reports on CNX. Morgan Stanley reissued an “underweight” rating and set a $31.00 target price on shares of CNX Resources in a research note on Tuesday, April 15th. Mizuho increased their target price on shares of CNX Resources from $35.00 to $36.00 and gave the stock an “underperform” rating in a research note on Tuesday, May 13th. Barclays initiated coverage on shares of CNX Resources in a research note on Monday, July 7th. They set an “equal weight” rating and a $33.00 target price on the stock. Scotiabank reissued a “sector perform” rating and set a $35.00 target price (up from $33.00) on shares of CNX Resources in a research note on Friday, July 11th. Finally, TD Cowen raised shares of CNX Resources to a “hold” rating in a research note on Monday, July 7th. Eight research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, CNX Resources presently has a consensus rating of “Hold” and an average target price of $31.92.

CNX Resources Stock Down 4.6%

Shares of NYSE CNX opened at $28.92 on Friday. The firm has a market cap of $4.09 billion, a PE ratio of 49.02, a P/E/G ratio of 0.28 and a beta of 0.64. CNX Resources has a 12-month low of $23.85 and a 12-month high of $41.93. The company’s fifty day simple moving average is $32.55 and its 200 day simple moving average is $31.03. The company has a quick ratio of 0.30, a current ratio of 0.33 and a debt-to-equity ratio of 0.56.

Insider Activity at CNX Resources

In other news, Director J. Palmer Clarkson bought 10,000 shares of the stock in a transaction dated Monday, May 12th. The stock was bought at an average price of $31.20 per share, for a total transaction of $312,000.00. Following the completion of the acquisition, the director directly owned 245,433 shares in the company, valued at approximately $7,657,509.60. This trade represents a 4.25% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.59% of the stock is currently owned by corporate insiders.

Institutional Trading of CNX Resources

Several institutional investors and hedge funds have recently made changes to their positions in CNX. Pictet Asset Management Holding SA raised its holdings in shares of CNX Resources by 9.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 20,786 shares of the oil and gas producer’s stock valued at $762,000 after purchasing an additional 1,873 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of CNX Resources by 1.6% in the fourth quarter. Alliancebernstein L.P. now owns 304,517 shares of the oil and gas producer’s stock valued at $11,167,000 after purchasing an additional 4,859 shares during the last quarter. ExodusPoint Capital Management LP purchased a new stake in shares of CNX Resources in the fourth quarter valued at about $8,072,000. Resona Asset Management Co. Ltd. purchased a new stake in shares of CNX Resources in the fourth quarter valued at about $489,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of CNX Resources in the fourth quarter valued at about $493,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Company Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.